NOL to sell Singapore headquarters building

JULY 2, 2012 — NOL Group said today it intends to sell its iconic Singapore headquarters building. The container shipping giant says it is selling the 26 story building to release capital for strategic investment.

NOL, the parent of APL, has been battered by high fuel costs and low freight rates. It has reported five loss making quarters in a row with its first quarter 2012 net loss reaching $254 million compared to $$10 million in the same period last year.

The company has not decided on a reserve price for the 29-year-old building and has retained the commercial real estate firm Jones Lang LaSalle to market the property.

About 500 people work in the NOL building. The company said a decision to relocate them or remain in the existing building as a tenant will wait until a buyer is identified.